How do I choose a lease accounting software?

Properly managing your financing and solid accounting processes are vital to the success of any business, so It’s important to make sure you spend time making sure the lease accounting software that you use is right for your business. Here are some things you should be looking out for when choosing your lease accounting software.

Compliance with new standards.

Many of the existing lease accounting systems on the market aren’t compliant with the new IFRS 16 lease accounting standards. Make sure you choose IFRS 16 lease accounting software like FMIS that accommodates these new standards.

Supports your internal controls

The best lease accounting software will help make sure your internal controls are effective. This means they’ll have features like full audit trails and data entry validation protocols.

Specifically built for accounting

Some lease accounting software solutions are designed specifically for that purpose, whereas others are designed as general lease management solutions, and only have accounting features as an add-on. Aim for the former if at all possible.